KADANT INC
For the period ended Dec 28, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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(Note 13)
- Accumulated Other Comprehensive Items
Comprehensive income combines net income and other comprehensive items, which represent certain amounts that are reported as components of stockholders' equity in the accompanying consolidated balance sheet.
Changes in each component of AOCI, net of tax, are as follows:
| (In thousands) | Foreign Currency Translation Adjustment | Pension and Other Post-Retirement Benefit Liability Adjustments | Deferred Loss on Cash Flow Hedges | Total |
|---|---|---|---|---|
| Balance at December 30, 2023 | $(43,013) | $(11) | $(38) | $(43,062) |
| Other comprehensive items before reclassifications | (30,061) | 51 | — | (30,010) |
| Reclassifications from AOCI | 658 | 8 | 38 | 704 |
| Net current period other comprehensive items | (29,403) | 59 | 38 | (29,306) |
| Balance at December 28, 2024 | $(72,416) | $48 | $— | $(72,368) |
Amounts reclassified out of AOCI are as follows:
| (In thousands) | December 28, 2024 | December 30, 2023 | December 31, 2022 | Statement of Income Line Item |
|---|---|---|---|---|
| Foreign Currency Translation | ||||
| Cumulative translation adjustment (a) | $(658) | $— | $— | Gain on sale and other costs, net |
| Retirement Benefit Plans | ||||
| Recognized net actuarial loss | (4) | (9) | (36) | Other expense, net |
| Amortization of prior service cost | (8) | (9) | (10) | Other expense, net |
| Total expense before income taxes | (12) | (18) | (46) | |
| Income tax benefit | 4 | 5 | 12 | Provision for income taxes |
| $(8) | $(13) | $(34) | ||
| Table of Contents | |
|---|---|
| Kadant Inc. | 2024 Financial Statements |
| (In thousands) | December 28, 2024 | December 30, 2023 | December 31, 2022 | Statement of Income Line Item |
|---|---|---|---|---|
| Cash Flow Hedges | ||||
| Interest rate swap agreements (b) | $— | $136 | $(208) | Interest expense |
| Forward currency-exchange contracts | (50) | — | — | SG&A expense |
| Total expense (income) before income taxes | (50) | 136 | (208) | |
| Income tax benefit (provision) | 12 | (37) | 50 | Provision for income taxes |
| (38) | 99 | (158) | ||
| Total Reclassifications | $(704) | $86 | $(192) | |
(a)Relates to a loss recognized from a cumulative translation adjustment associated with the liquidation of a small foreign subsidiary within the Flow Control segment.
(b)Relates to the Company's unrealized gains (losses) associated with its $15,000,000 notional value 2018 interest rate swap agreement used to hedge its exposure to movements in USD LIBOR on its U.S. dollar-denominated debt, which matured on June 30, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.